IDEAS home Printed from https://ideas.repec.org/a/pal/imfstp/v9y1962i3p369-380.html
   My bibliography  Save this article

Domestic Financial Policies under Fixed and under Floating Exchange Rates (Politiques finacièrieures intérieures avec un système de taux de change fixe et avec un système de taux de change fluctuant) (Política financiera interna bajo sistemas de tipos de cambio fijos o de tipos de cambio fluctuantes)

Author

Listed:
  • J. Marcus Fleming

    (International Monetary Fund)

Abstract

Les comparaisons entre les systèmes de taux de change ne tiennent pas toujours compte des incidences de ces systèmes sur l'efficacité comparée de la politique monétaire d'une part, et de la politique budgétaire d'autre part, en tant que moyens techniques d'influencer le niveau de la demande monétaire de la production intérieure. Le présent article montre que l'expansion résultant d'une augmentation donnée de la masse monétaire sera toujours plus forte si le pays a un taux de change fluctuant que s'il a un taux fixe. Au contraire, il n'est pas certain que l'accroissement de la demande de production intérieure résultant d'une augmentation donnée des dépenses budgétaires ou d'une réduction donnée des taux d'imposition soit plus fort ou plus faible avec un taux fluctuant qu'avec un taux fixe. A l'exception des cas extrêmes, l'influence stimulante exercée par l'augmentation de la masse monétaire sera toujours plus grande, en comparaison avec celle qui résulte d'une politique budgétaire à caractère expansionniste, lorsque le taux de change est fluctuant que lorsqu'il est fixe. /// Al establecer una comparación entre los sistemas cambiarios, no siempre se toma en consideración la influencia que éstos ejercen sobre la eficacia relativa de la política monetaria y la política presupuestaria como medios de influir en el nivel de la demanda monetaria de la producción interna. En este estudio se demuestra que cuando un país emplea un tipo de cambio fluctuante, el efecto expansionista de un aumento dado del medio circulante será siempre mayor que cuando emplea un tipo de cambio fijo. Por otra parte, no se sabe si el efecto expansionista que ejercería sobre la demanda de la producción interna un aumento dado de los gastos presupuestarios, o una disminución dada de las tasas tributarias, habría de ser mayor o menor con un tipo de cambio fluctuante que con un tipo de cambio fijo. Salvo en casos extremos, cuando el tipo de cambio es fluctuante, el estímulo que ejerce sobre la demanda monetaria un aumento del medio circulante será siempre mayor, en relación con el que provoca una modificación de carácter expansionista de la política presupuestaria, que cuando el tipo de cambio es fijo.

Suggested Citation

  • J. Marcus Fleming, 1962. "Domestic Financial Policies under Fixed and under Floating Exchange Rates (Politiques finacièrieures intérieures avec un système de taux de change fixe et avec un système de taux de change fluctua," IMF Staff Papers, Palgrave Macmillan, vol. 9(3), pages 369-380, November.
  • Handle: RePEc:pal:imfstp:v:9:y:1962:i:3:p:369-380
    as

    Download full text from publisher

    File URL: http://www.jstor.org/stable/3866091?origin=pubexport
    File Function: main text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Boivin, Jean & Kiley, Michael T. & Mishkin, Frederic S., 2010. "How Has the Monetary Transmission Mechanism Evolved Over Time?," Handbook of Monetary Economics,in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 8, pages 369-422 Elsevier.
    2. Guglielmo Maria Caporale & Thouraya Hadj Amor & Christophe Rault, 2011. "Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach," CESifo Working Paper Series 3645, CESifo Group Munich.
    3. Agnieszka Stazka, 2006. "Sources of Real Exchange Rate Fluctuations in Central and Eastern Europe – Temporary or Permanent?," CESifo Working Paper Series 1876, CESifo Group Munich.
    4. Agnieszka Markiewicz, 2006. "How Central and Eastern European Countries Choose Exchange Rate Regimes," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 69-84.
    5. Leontyeva, Elena & Narkevich, Sergey, 2015. "Optimal Practice of Creation and Management of Gold Reserves," Published Papers mak12, Russian Presidential Academy of National Economy and Public Administration.
    6. Alexandre Flávio Silva Andrada, 2011. "Uma Breve História Sobre A Abordagem Dedesequilíbrio Na Economia," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 233, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    7. Treu, Johannes, 2011. "Politökonomische Modellierung eines Abstimmungsprozesses zwischen der Europäischen Zentralbank und den Mitgliedstaaten der Eurozone in Zeiten hoher Staatsverschuldung," Wirtschaftswissenschaftliche Diskussionspapiere 05/2011, University of Greifswald, Faculty of Law and Economics.
    8. repec:rnp:ecopol:ep1711 is not listed on IDEAS

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:imfstp:v:9:y:1962:i:3:p:369-380. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Rebekah McClure). General contact details of provider: http://www.palgrave-journals.com/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.